The market extended its winning run to fifth consecutive trading session and ended with strong gains on Wednesday. Barring realty index, all sectoral indices closed in the green with auto, metal and IT stocks rising the most.

The Nifty ended above the 18,150 mark The NSE flagship index hit a record high of 18,197.80 in mid afternoon trade. Meanwhile, the BSE Sensex also registered an all-time high of 60,836.62.

As per the provisional closing data, the barometer index, the S&P BSE Sensex, was up 452.74 points or 0.75% at 60,737.16. The Nifty 50 index gained 169.25 points or 0.94% to 18,161.25.

The broader market displayed strength. The S&P BSE Mid-Cap index rose 1.62% while the S&P BSE Small-Cap index added 0.63%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1766 shares rose and 1569 shares fell. A total of 141 shares were unchanged.

Results Today:

Infosys (up 1.2%), Mindtree (up 2.29%) and Wipro (up 1.97%) will announce their quarterly results today.

Economy:

In its latest World Economic Outlook report, released on Tuesday, the International Monetary Fund (IMF) said that Indian economy is expected to grow by 9.5% in 2021 and 8.5% in the next year.

The global growth projection for 2021 has been revised down marginally to 5.9% and is unchanged for 2022 at 4.9%.

India's industrial production rose 11.9% in August, according to the data released by the National Statistical Office (NSO) on Tuesday. The manufacturing sector, which constitutes 77.63% of the Index of Industrial Production (IIP), grew 9.7% in August, mining sector output rose 23.6% in August, while power generation increased 16 per cent.

Retail inflation growth in India based on Consumer Price Index (CPI) eased to 4.35% in the month of September following a 5.30% in August, the data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed.

Stocks in Spotlight:

Tata Motors jumped 21%. The automobile maker and TPG Rise Climate entered into a binding agreement whereby TPG Rise Climate along with its co-investor ADQ, shall invest in a subsidiary of Tata Motors that will be newly incorporated. TPG Rise Climate along with co-investors shall invest Rs 7,500 crore in compulsory convertible instruments to secure between 11 % to 15 % stake in this company translating to an equity valuation of up to $9.1 billion. The new company shall leverage all existing investments and capabilities of Tata Motors and will channelise the future investments into electric vehicles, dedicated BEV platforms, advanced automotive technologies and catalyse investments in charging infrastructure and battery technologies. Over the next 5 years, this company will create a portfolio of 10 EVs and in association with Tata Power, catalyse the creation of a widespread charging infrastructure to facilitate rapid EV adoption in India.

Index major Reliance Industries (RIL) rose 0.85%. Reliance New Energy Solar (RNESL), a wholly owned subsidiary of RIL, has invested $29 million as a strategic lead investor in Germany-based NexWafe GmbH's (NexWafe) Series C financing round. Separately, RNESL and Denmark-based Stiesdal have signed a cooperation agreement for technology development, and manufacturing of Stiesdal's hydrogen electrolyzers in India.

Steel Exchange India jumped 6.56% after the company said that its board will meet on Friday, 15 October 2021, to consider proposal for raising of funds. The funds would be raised via issue of equity shares or convertible bonds or all types of debentures or warrants or any other equity linked securities, through permissible modes subject to such approvals, as may be required under applicable laws.

Hero MotoCorp rose 0.41%. The two-wheeler major has partnered with Gilera Motors Argentina to expand its operations in Argentina, one of the key markets in South America. Gilera Motors Argentina is one of the leading automotive companies in Argentina and one of the most enduring motorcycle manufacturers in Latin America. As part of the deal, Gilera Motors will be the exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in Argentina. It will also make new investments in operations to drive business growth.

Ultratech Cement rose 1.4% after the company announced the commissioning of cement capacity of 1.2 mtpa in October 2021. The cement major said that Patliputra Cement Works in Bihar added cement capacity of 0.6 mtpa, taking its capacity to 2.5 mtpa. Dankuni Cement Works in West Bengal increased cement capacity of 0.6 mtpa, taking its capacity to 2.2 mtpa.

Bhansali Engineering Polymers rose 2.97% after the company's consolidated net profit surged 249.36% to Rs 123.57 crore on 21.76% increase in net sales to Rs 374.84 crore in Q2 FY22 over Q2 FY21. Profit before tax soared 262.48% to Rs 164.53 crore in Q2 FY22 over Q2 FY21. Net cash from operating activities surged to Rs 111.78 crore as on 30 September 2021 compared with Rs 87.52 crore as on 31 March 2021. The company declared an interim dividend of Re 1 per share. The record date is fixed on 22 October 2021.

Centrum Capital surged 13.6% after the Reserve Bank of India (RBI) issued a small finance bank (SFB) license to the consortium of Centrum Financial Services (Centrum) and Resilient Innovations (BharatPe).

Zen Technologies hit an upper circuit of 5% at Rs 215.60 after the company said that its board will meet on Saturday, 16 October 2021, to consider fund raising plans.

Global Markets:

Most European shares were trading higher while most Asian stocks closed on a positive note on Wednesday, as concerns around global growth and inflation continue to concern investors.

US stocks decline for the third consecutive session Tuesday ahead of a key inflation reading and a kick-off to third-quarter earnings season.

The Federal Open Market Committee on Wednesday is also set to release its minutes from the September meeting. Investors will be digesting the minutes for any potential clues regarding the central bank's plans to pull back easy monetary policy.

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